Folks – I knew if I waited long enough – somebody out there will do the heavy lifting (research, spreadsheets, etc…) – and answer the most important question in this whole health care debate…
Exactly WHAT kind of profits are we talking about? The Democrats keep spouting descriptions like “outrageous” or “immoral” even “obscene” – but those are not hard numbers. Give me a number – OK – if that’s too proprietary – give me a profit margin…a percentage – anything that gives me a reality check on all of these none-sense description.
Well – the Associated Press released an article called “FACT CHECK: Health insurer profits not so fat” – and I’ll tell you – “not so fat” is being kind! As a matter of fact – the magic number…drum roll please…
“…margins typically run about 6 percent, give or take a point or two.”
To make it even worse…
“Profits barely exceeded 2 percent of revenues in the latest annual measure.”
OBSCENE? IMMORAL? OUTRAGEOUS? ARE YOU OUT OF YOUR EVER LOVING MIND? Who ever thinks that those kind of numbers are even CLOSE to being OK is not aware of the business facts of life – and if they are calling them OBSCENE…well THAT my friends is just plain scary!
According to President Obama (R-IL)…In fact, the insurance industry is rolling out the big guns and breaking open their massive war chest – to marshal their forces for one last fight to save the status quo. They’re filling the airwaves with deceptive and dishonest ads. They’re flooding Capitol Hill with lobbyists and campaign contributions. And they’re funding studies designed to mislead the American people.
…It’s smoke and mirrors. It’s bogus. And it’s all too familiar. Every time we get close to passing reform, the insurance companies produce these phony studies as a prescription and say, “Take one of these, and call us in a decade.” Well, not this time. The fact is, the insurance industry is making this last-ditch effort to stop reform even as costs continue to rise and our health care dollars continue to be poured into their profits, bonuses, and administrative costs that do nothing to make us healthy that often actually go toward figuring out how to avoid covering people. And they’re earning these profits and bonuses while enjoying a privileged exception from our anti-trust laws, a matter that Congress is rightfully reviewing. – Remarks of President Barack Obama Weekly Address October 17, 2009
Vice President Joe Biden…In a letter to supporters last week…decried the insurance industry’s “phony reports” and asked for donations to “beat back whatever attack they can dream up next.” “As real change draws near, you can bet the insurance companies will hold nothing back…,” he wrote. “Here’s the bottom line: it’s not time to let up — it’s time to double down.” – As reported in USA Today “Debate rages over public option”
According to Speaker Nancy Pelosi (D-CA) …the immoral profits being made by the insurance industry and hose those profits have increased in the Bush years…
Sen. Charles Schumer (D-NY) said today on NBC’s Meet the Press - that the only way to bring health costs down was to provide competition to private insurers because they would not do it on their own.
Those protectors of Truth over at MovOn.org put it this way…Health insurance companies are willing to let the bodies pile up as long as their profits are safe.” in one of their recent ads.
So here we have the top three people, ruining this great country of ours…ooops…I meant to say RUNNING this great country of ours thinking that these companies are the enemy, are putting out false and misleading, bogus, phony reports, purchasing expensive TV and print ads all to protect a obscene, immoral, outrageous profit margin of 6% ?
GIVE ME A BREAK here folks! Companies making a 6% profit margin are not long for this world – especially – if the last reports put it a 2% of revenue! But then again – it already sounds much like a government run business P&L report – what’s the worst that Obama – Biden & Pelosi can do? Put them all out of business?
OF COURSE that is exactly what they can do – and then we will have what everybody says the don’t want…I single payer, 100% government run health care system. Of course, THAT is not in any of the legislation being considered, or any of the CBO reports – but then how could it? Very few people on the hill are asking the right questions – and those that are, are not being listened to!
As I have been saying – it is not always what is in the legislation that worries me – it is what is NOT in it – and sadly, THIS is yet another one of those cases. The consequences? Your worst nightmare when it comes to health care and health care costs – but don’t worry – your children s children will definitely have something to remember President Obama by – and it won’t be the fact that he was our first African American president..too bad…he had such promise ;-(
